SOURCE: OptionEase

OptionEase

January 19, 2010 09:09 ET

OptionEase Expands Operations and Demonstrates Significant Growth in 2009

Funding, Customer Satisfaction and Product Enhancements Fuel Success

SAN JUAN CAPISTRANO, CA--(Marketwire - January 19, 2010) - OptionEase® Inc., a leader in on-demand software-as-a-service (SaaS) applications for equity administration and compliance, today announced 60 percent growth in both revenue and new clients for 2009. Additionally, OptionEase received Series A funding, which affirmed its commitment to superior customer service and continual product evolution. The financing was also indicative of strong market demand for a comprehensive solution that streamlines equity administration and ensures ongoing compliance.

Award-Winning Solution and Customer Growth

Today, more than 400 customers worldwide use the OptionEase application to save time and money on complex regulatory issues and audits. With a dedicated team of financial experts, CPAs, CEPs and stock plan administrators providing unrivaled client support and knowledge, OptionEase offers industry-leading customer satisfaction, which is evident in its 98 percent customer retention rate (up three percent from last year).

Throughout the year, OptionEase was recognized as an industry leader. Accolades and awards included:

--  Red Herring's Top 100 Tech Company North America Award for 2009
--  Red Herring's Global 100 Winner
--  "Emerging Growth Company of 2009" by the Southern California Venture 
    Network (SCVN)
--  CEO and co-founder, Kim Kovacs, appointed to The National Center for 
    Employee Ownership board of directors
    

Enhanced Functionality with New Product Introductions

OptionEase has received the industry's most comprehensive SAS 70 Level II certification available. The certification process went beyond standard Level II categories and included a comprehensive security penetration test, formulation testing (to ensure accuracy of calculations) and valuation testing (such as Black Scholes Lattice methods). Additionally, OptionEase increased its focus on servicing public companies by integrating tools and advanced workflow functionality to increase revenue growth and market share. As a result, new product enhancements were introduced, including an updated version of the Re-Pricing / Modification Module to perform complex scenario modeling. In keeping with its ongoing goal to introduce valuable solutions for stock plan administrators, CFOs and auditors who need these unique tools and functionality, OptionEase created numerous enhancements based on direct customer feedback and recommendations.

Series A Financing and Corporate Expansion

Further signaling investor trust in the company and the dynamic need for advanced equity compensation solutions, OptionEase closed $3.5 million in Series A financing in 2009 led by GADS Option Fund, Miramar Venture Partners and with participation from the company's current investors. This money accelerated OptionEase's growth and allowed the company to outpace marketplace changes.

To support the significant demand for OptionEase products and services, the company doubled its headcount in 2009. It also built additional office space in the San Juan Capistrano area to accommodate the growth in operations.

"Despite the soft economic environment of the past year, OptionEase continued its growth trajectory. Our achievements in 2009 demonstrate the industry need for innovation around equity compensation solutions," said Kimberly Kovacs, CEO and co-founder of OptionEase. "We will continue to provide superior solutions and service for our customers and look forward to making 2010 the strongest in the company's history."

About OptionEase, Inc.

OptionEase (www.optionease.com) is leading the evolution of SaaS-delivered regulatory applications in the highly complex governance, risk and compliance (GRC) marketplace. The company's first product was designed specifically for audit compliance under FAS 123(R) (ASC Topic 718) and now encompasses a full suite of end-to-end equity management tools. This SAS 70 Level II certified solution "standardizes compliance" and enables secure collaboration across multiple constituents, allowing clients to focus on strategic business functions. More than 400 private VC-funded and large multi-national public corporations rely on OptionEase's solutions and service to comply with financial and regulatory reporting requirements under FAS, SEC and IASB. OptionEase is located in San Juan Capistrano, Calif. and funded by venture capital and private equity.

This press release may include forward-looking statements, including statements regarding the company's product development plans, which are subject to change. The actual results may differ materially from those described in any forward-looking statement.

All company, brand or product names are registered trademarks or trademarks of their respective holders.

Contact Information

  • Media Relations Contact:
    Courtney Hurst
    Metis Communications
    617-236-0500
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